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IRVINE, CA-A 198,511-sf high-rise office building in Irvine’s Hutton Centre complex has been snapped up by CB Richard Ellis Investors Inc., acting on behalf of the internationally managed value fund Strategic Partners.

The facility, which was 94% occupied at the time of sale, includes tenants ERM West Inc., CH2MHill, Callahan & Blaine, Systems Management and the federal government. Known as 3 Hutton Centre, the building is a class A, 10-story facility with an adjacent six-story parking structure. Built in 1985, it is one of six office facilities that are located within the Hutton Centre complex.

The Hutton Centre complex, which is built around a three-acre lake, encompasses 43 acres. Aside from its office facilities, the master planned commercial development also contains a 167-room Doubletree Hotel, an Edwards Theater and various retail amenities.

Although financial terms of the deal were not disclosed, the asking price for 3 Hutton Centre was $34 million. Purchase interest for the property was high, according to a company spokesperson.

Both the buyer and the seller, Japanese-owned ORIX Real Estate Equities Inc., were represented by a CB Richard Ellis team consisting of Robert Smith, Michael Kane, Karen Scholte, John Weiner and Jeff Morgan from the firm’s Newport Beach office and Michael Schramm of CB’s Chicago office.

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